Oil Prices Above $112 As Supplies Fall - Truckers' Trucking Forum | Message Board

Cybergal · **^ Top** #1 04.09.2008

Oil Prices Above $112 As Supplies Fall
4/9/08

Quote:

NEW YORK (AP) - The price of oil has surged to a new record, with a barrel a crude trading above $112 a barrel on the New York Mercantile Exchange.

A government report that oil and fuel supplie were lower than expected last week gave crude a push past its latest milestone. But months of buying by speculators and by investors seeking refuge from a falling dollar have also lifted oil to its new heights.

Light, sweet crude for May delivery has traded as high as $112.16, surpassing the previous trading record of $111.80 set ast month.
http://www.breitbart.com/article.php...show_article=1

Cybergal · **^ Top** #2 04.09.2008

No diesel relief in sight: EIA
04/09/2008

Quote:

WASHINGTON -- The U.S. Energy Information Administration predicts that diesel prices in the U.S. will average $3.62 per gallon over the course of 2008 -- 72 cents above the 2007 average prices -- as crude oil prices continue to average over $100 a barrel.

That's according to the EIA's monthly Short Term Energy Outlook released Tuesday. It says West Texas Intermediate crude oil prices, which averaged $72.32 per barrel last year, are projected to average $101 a barrel in 2008, dropping to $92.50 per barrel in 2009.

"The global oil market remains fundamentally tight entering the second quarter, despite a slowdown in U.S. oil consumption and growing risks to global economic growth," says the report. "The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices. The flow of investment money into commodities has contributed to crude oil price volatility."
The EIA report predicts that an increase in oil production in non-OPEC countries will contribute to increases in OPEC surplus crude oil production capacity and ease price pressures toward the end of the year.
http://www.todaystrucking.com/news.c...TOKEN=82132362

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